Rover Announces $0.08 Flow-through Unit Financing and Closing
Rover Announces $0.08 Flow-through Unit Financing and Closing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.
VANCOUVER , British Columbia, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB:
ROVMF) (“Rover” or the “Company”) is pleased to announce a non-brokered flow-through unit financing (the “Units”) for
$200,000. Each Unit is priced at $0.08 and is comprised of one common share and one-half (1/2) of a common share
purchase warrant (the “$0.08 FT Unit Financing”). The warrants have an exercise price of $0.12 per warrant share, and a life of
two years. Rover is also pleased to announce that the financing is now fully subscribed and that it has received permission
from the Toronto Venture Exchange (the “TSXV”) to close, as of the date hereof. There will be 2,500,000 common shares and
1,250,000 common share purchase warrants issued in connection with this financing. There will be the standard 4-month
regulatory hold period for both the common shares and the common share purchase warrants in connection with this financing.
No financing fees have been paid in connection with this financing.
Closing of the $0.08 FT Unit Financing
Legendary junior mining investor, Tookie Angus, has purchased 100% of the $0.08 FT Unit Financing allocation, adding to his
existing position in the Company.
Use of Proceeds
The use of proceeds of the financing will be for Phase 3 Winter Exploration activities at the Cabin Gold Project. Starting this
month, the Company will begin building the ice drill pads on Cabin Lake needed for follow-up drilling at the Arrow Zone. In Q4-
2020, the Company reported an intersection of 32 meters of continuous gold averaging 13.6 grams per ton Au from the
Arrow Zone. The Arrow Zone remains open at depth, underneath Cabin Lake, and is only accessible for expansion drilling in
the winter months. The release of the map location of the ice drill pads will be part of a future updating news release.
Update on Timing of Summer 2021 Phase 2 Exploration Results
COVID-19 logistic delays at the testing laboratories continue to cause delays in the reporting process for junior miners. Rover
expects to have a news release out next week with an update on the timing of the release dates of its Summer Phase 2
Exploration Results.
About the Cabin Gold Project
In September 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Gold Project. The exploration
program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the “Arrow Zone” area
of the historic Bugow Iron Formation. The Bugow Iron Formation is the controlling structure for the gold mineralization on the
property and is over 15 km in at or near surface length. Rover’s 2020 expansion drilling included the discovery of what it
believes to be a primary gold bearing ore shoot at the Arrow Zone. Rover’s 2020 drill program was the initial step towards
confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* historic resource estimate, reported for the Arrow Zone,
towards a NI 43-101 compliant mineral resource estimate.
In July 2021, Rover commenced a Phase 2 Exploration Program at the Cabin Gold Project. The goal of the Phase 2
Exploration Program was the discovery and definition of new, near surface, gold bearing zones along the Bugow Iron
Formation. The Company focussed on five known historic targets areas: (1) the Beaver; (2) the Andrew South; (3) the Andrew
North; (4) the Camp South; and (5) Camp North . As of the date hereof, the Company is still waiting on results of its summer
exploration program. Any new discoveries will form part of the Company’s Phase 3 Winter Exploration Program slated to begin
in Q1-2022.
(*) As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current
CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold
Zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the
resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin
Lake Gold Zone, but further drilling is needed to bring that up to CIM Definition Standards. The reader is cautioned that a
Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources and Rover
Metals is not treating the historical estimates as current mineral resources.
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor and
shareholder of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently
advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company
commenced Phase 2 Exploration at its Cabin Gold Project in the summer of 2021, and is planning to commence Phase 3
Exploration in Q1-2022.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: [email protected]
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause Rover's actual results, performance or
achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or
"should" occur. There can be no assurance that such statements be prove to be accurate. Actual results and future events
could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on
these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover
undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS
OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE
AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION
AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS
RELEASE.